Iran conflict to push freight, insurance costs up: Indian exporters

With a joint attack by the US and Israel on Iran triggering a massive military confrontation in the Middle East, Indian exporters on Saturday said the development is expected to push transportation and insurance costs up, potentially disrupting the outbound shipments to the US and Europe.
They said that any prolonged tensions in the region could impact oil prices and that will have implications on input costs and current stability.
Following the attack by the United States and Israel, Iran launched retaliatory military strikes targeting several American military bases in the Middle East, including in Qatar, Kuwait and the United Arab Emirates (UAE).
Federation of Indian Export Organisations (FIEO) President SC Ralhan said the ongoing conflict has already begun to disrupt established global logistics channels.
“Air routes are being altered, and maritime trade through the Red Sea and key Gulf straits faces heightened uncertainty. If diversions become prolonged, shipments may …